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Press Releases

14

October 2003

AYALA CORPORATION RECEIVES NEW OFFER FROM DETEASIA ON GLOBE STAKE

Ayala Corporation and Singapore Telecom International Pte. Ltd. have received late yesterday, 13 October 2003, from DeTeAsia Holding GmbH (DT) a new offer to sell DT’s entire shareholdings in Globe Telecom, Inc. The offer covers 37,674,681 common shares of Globe. The new offer however is not contingent upon all of the total number of shares offered being purchased by Ayala and Singtel.

Ayala and SingTel will evaluate DT’s offer and will revert to DT within 45 days with their decision in accordance with the rights of first offer among the three parties.

The above information is being disclosed in accordance with the disclosure rules of the Securities and Exchange Commission and the Philippine Stock Exchange.

(Sgd) RUFINO LUIS T. MANOTOK
Managing Director, Corporate Strategy